Interest Allocation

Navigate: ClosedTax > Accounts Receivable > Protested Payments > Interest Allocation

Description

NOTE: This task may not apply to your jurisdiction.

As part of the Protested Payments task, use this task to:

  • Define interest earned amount and time periods for protested payments.

  • Allocate interest for protested payments.

When interest allocation is posted, a predistribution is created automatically and distributed for the amount of earned interest posted. You can verify this by checking the Distributed checkbox when searching for the predistribution on the Search for Predistributions screen.

Steps

  1. On the Allocate Protested Payments Interest screen, enter the total interest earned.

  2. Enter or select the From Date and To Date.

  3. Enter or select the Business Date.

  4. Make a selection from the Tax Year drop-down list. This is the tax year for the interest earned since the prorated share is based on the tax year.

  5. Click Validate to generate a report and preview the allocation before posting.

  6. Click Post to post the protested payments interest allocation.

    • Click Close to end the task.